One of my longest held names. Always liked Watson and his vision for Sandstorm. Slowly but surely getting it gone. Bought in under $3 US, sitting a bit above $6 US today. Thx again for sharing this interview Matt 🤜🏻🤛🏼
I enjoyed the interview. Nolan is no slouch, he has his head on straight. I like the fact that he avoids debt. Although he is the face of the company, I am sure that he has a talented crew working for him and they deserve a lot of the credit also. I am no business wizard, but the rule of investing is this. You can have the best or worst run company. The only thing that will move the stock is whether more people are buying or selling. I call it the Vegas factor, "you pays yo money and you takes yo chances". I am hoping things work out for this company, I too am an investor. And Nolan, another lesson that I learned being short time married, is that wives complain,,, that's what they do. You are either spending too much time at home or not enough.
I love how talk of "Turkey Risk" keeps Sandstorm affordable (for accumulating)! Sandstorm shares are better than money in the bank as far as I am concerned - even if management don't bring in more streams and sat at the movies all day, I expect the share price to triple or more within the next three years just from existing royalties and streams coming online as the higher gold price catalyses miners. The current weird depressed miner landscape is icing on the cake - a gift allowing sandstorm to add more deals at great prices.
Good interview. I like Sandstorm, but I think I like Osisko a little more. There's a lot of risk within the Sandstorm portfolio, whereas much of Osisko's near term pipeline is in much safer jurisdictions. A lot rides on Hod Maden coming online, I think it will, but there's risks associated with a new mine. Osisko seems a better, cleaner vehicle now under Sandeep Singh, with more favourable counterparties in key assets. I think both will do well, but Osisko would be my pick in the mid tier space.
@@WallStForMainSt Amazing that you make such a judgement. Sandstorm is dead last within its pere group of gold royalty space. Been that way for years. What's your measurement for good performance or leadership. Sandstorm is a "dog" and I heard nothing to change this view.
To the people who think that this company is a 'dog' you are looking only at past performance for the stock price which does not indicate any future performance. Does a 'dog' have only $8 million in S,G & A per year, $100 million per year in free cash flow at a relatively low gold price, some of the highest profit margins in the industry, valuation is only 10 times cash flow and none of the growth pipeline (Hod Maden, Mara and a half dozen other quality assets) is priced into the valuation? Also, why do all of the Seeking Alpha articles covering SAND leave out any of the positive things that the company has going for it? I wonder why? Must be nice to get paid $5k to $20k by hedge funds per hit piece and not disclose it publicly.
"only $8 million in S,G & A per year" - eh, this is a R&S coy with a small team NOT a mining company with a vast number of employees, exploration programme etc etc It sells funding, not gold.
@@robertdagge200 which means higher profit margins and free cash flow. A better business model that is more efficient with more consistent free cash flow than miners who always understate costs.
Why can't the Entree Resources shares be vended to shareholders? They should scrap the current dividend and put it into stock buybacks and vend the Entree Resources stock instead.
Interesting that they are adopting the Osisko strategy of sponsoring small companies to get streams. This is one of my largest holdings and I’ve been buying more at current prices. Didn’t really like him talking about selling the company but I guess I could live with Wheaton stock with a premium.
Sandstorm Gold has the cheapest valuation of any larger precious metals royalty and streaming company. Therefore, it is a hostile takeover candidate. SAND is valued at 10 times cash flow.
Are you sure it isn't Osisko adopting Sandstorm's approach? Nolan and team have been extremely innovative from a long time ago. (They and Altius have been doing this as far as I know since before Osisko.)
The economy situation in Turkey make the local more pro for mining but that situation might increase the risk of the government seizing the asset. Changing to royal model reduce the risk to some degree.
This guy does not give straight answers. I am a shareholder, but I like this company less and less. Also, if the share price is so undervalued, why are insiders consistently selling? Sandstorm seems to be a perfect example of what Rick Rule calls a "lifestyle company". ie they pay themselves nice salaries and live at shareholder's expense.
You are clearly not familiar with Canadian tax laws for people running publicly traded companies. I asked Nolan Watson about the insider selling over the summer in an interview for my TH-cam channel. He is taxed at almost 60% on his stock options too. What a mess of a country Canada is now.
So a company with $100 million per year in free cash flow and only about $8 million in S, G and A is stealing from shareholders? You really are a moron. I would call that an efficient company. Costs are fixed. Profit margins are high and they are focused on growth and diversification.
Your BS argument also makes no sense whatsoever because SAND only has $8 million per year in S, G & A for $100 million per year in free cash flow. Please tell me where all this waste and theft is? Also, since you mentioned Rick Rule, SAND is one of Rick's favorite companies to buy and hold shares.
@@WallStForMainSt I am not sure what you are trying to say, with your Canadian Tax argument. But anyways, would you at least agree that Nolan does not give straight answers when asked straight question?
Seemingly endless share issuance over the years resulting in a massive share count, and a huge market reliance on this single Turkish project (constantly delayed so far) for a share price uplift. Is this the R&S model???? Investors pay their money and make their choice....
We are known for asking tough questions. Capable CEOs like it as it gives them a chance to shine and show they are in control. Whereas lifestyle CEOs struggle somewhat. Shareholders should be able to ask any questions they wish as its their money and should care about what the Board is doing to create actual value (share price growth) and not just give platitudes.
@@CRUXInvestor fair enough. This is my first time viewing one of your interviews. Like I said the approach does have merrit. I feel like it was a valuable conversation.
What shameful explanations for poor performance and being at the bottom quartile in the gold royalty sector. Interviewer let Nolan off the hook far too easily. Insiders have been selling shares for over a year, and reducing their skin in the game. I heard nothing but the same tired repertoire. Investors have little hope with Sandstorm.
The insider selling has to do with Canadian tax laws for executives running publicly traded companies. Nolan Watson's effective tax rate on his stock options is almost 60% but clearly you can read Canadian Insider like a good 5 year old and then call the bad man names for not making you rich quick. The company has $100 million in free cash flow, super low S, G and A per year, high profit margins and a cheap valuation. Also, Hod Maden and the Mara gold stream are not priced in at all.
@@WallStForMainSt This is what happens when uninformed "speculators" enter an area that is both complex and for "investors". Everyone wants instant 30 baggers, and have trouble holding a stock over a long weekend (Rick Rule) Well pointed out by you.
One of my longest held names. Always liked Watson and his vision for Sandstorm. Slowly but surely getting it gone. Bought in under $3 US, sitting a bit above $6 US today.
Thx again for sharing this interview Matt 🤜🏻🤛🏼
I enjoyed the interview. Nolan is no slouch, he has his head on straight. I like the fact that he avoids debt. Although he is the face of the company, I am sure that he has a talented crew working for him and they deserve a lot of the credit also. I am no business wizard, but the rule of investing is this. You can have the best or worst run company. The only thing that will move the stock is whether more people are buying or selling. I call it the Vegas factor, "you pays yo money and you takes yo chances". I am hoping things work out for this company, I too am an investor. And Nolan, another lesson that I learned being short time married, is that wives complain,,, that's what they do. You are either spending too much time at home or not enough.
I love how talk of "Turkey Risk" keeps Sandstorm affordable (for accumulating)! Sandstorm shares are better than money in the bank as far as I am concerned - even if management don't bring in more streams and sat at the movies all day, I expect the share price to triple or more within the next three years just from existing royalties and streams coming online as the higher gold price catalyses miners. The current weird depressed miner landscape is icing on the cake - a gift allowing sandstorm to add more deals at great prices.
Good interview. I like Sandstorm, but I think I like Osisko a little more. There's a lot of risk within the Sandstorm portfolio, whereas much of Osisko's near term pipeline is in much safer jurisdictions. A lot rides on Hod Maden coming online, I think it will, but there's risks associated with a new mine. Osisko seems a better, cleaner vehicle now under Sandeep Singh, with more favourable counterparties in key assets. I think both will do well, but Osisko would be my pick in the mid tier space.
You're joking right??? Good interview???
I’m buying both SAND and OR. I think their P/B rerates at some point.
No mention of the massive Mara gold stream which is 21k GEO and the costs are capped.
@@northernskrutineer1200 you don't understand the industry or valuations.
@@WallStForMainSt Amazing that you make such a judgement. Sandstorm is dead last within its pere group of gold royalty space. Been that way for years. What's your measurement for good performance or leadership. Sandstorm is a "dog" and I heard nothing to change this view.
Fantastic interview! Looking forward to the next one.
Us too!
This is my biggest position in precious metal space. Average price at 6 dollars and It is a steal until 8 to 9 dollars in my opinion.
Mine as well.
Gonna invest in it soon. It would be more appealing with a better dividend. With very little costs, the shareholder’s should see more paid to them.
To the people who think that this company is a 'dog' you are looking only at past performance for the stock price which does not indicate any future performance. Does a 'dog' have only $8 million in S,G & A per year, $100 million per year in free cash flow at a relatively low gold price, some of the highest profit margins in the industry, valuation is only 10 times cash flow and none of the growth pipeline (Hod Maden, Mara and a half dozen other quality assets) is priced into the valuation? Also, why do all of the Seeking Alpha articles covering SAND leave out any of the positive things that the company has going for it? I wonder why? Must be nice to get paid $5k to $20k by hedge funds per hit piece and not disclose it publicly.
"only $8 million in S,G & A per year" - eh, this is a R&S coy with a small team NOT a mining company with a vast number of employees, exploration programme etc etc It sells funding, not gold.
@@robertdagge200 which means higher profit margins and free cash flow. A better business model that is more efficient with more consistent free cash flow than miners who always understate costs.
Why can't the Entree Resources shares be vended to shareholders? They should scrap the current dividend and put it into stock buybacks and vend the Entree Resources stock instead.
@@daveforgot127 and here in Italy is 26% =))))))
Interesting that they are adopting the Osisko strategy of sponsoring small companies to get streams. This is one of my largest holdings and I’ve been buying more at current prices. Didn’t really like him talking about selling the company but I guess I could live with Wheaton stock with a premium.
Sandstorm Gold has the cheapest valuation of any larger precious metals royalty and streaming company. Therefore, it is a hostile takeover candidate. SAND is valued at 10 times cash flow.
Are you sure it isn't Osisko adopting Sandstorm's approach? Nolan and team have been extremely innovative from a long time ago. (They and Altius have been doing this as far as I know since before Osisko.)
Should I buy shares from them??
The economy situation in Turkey make the local more pro for mining but that situation might increase the risk of the government seizing the asset. Changing to royal model reduce the risk to some degree.
This guy does not give straight answers. I am a shareholder, but I like this company less and less.
Also, if the share price is so undervalued, why are insiders consistently selling?
Sandstorm seems to be a perfect example of what Rick Rule calls a "lifestyle company". ie they pay themselves nice salaries and live at shareholder's expense.
You are clearly not familiar with Canadian tax laws for people running publicly traded companies. I asked Nolan Watson about the insider selling over the summer in an interview for my TH-cam channel. He is taxed at almost 60% on his stock options too. What a mess of a country Canada is now.
So a company with $100 million per year in free cash flow and only about $8 million in S, G and A is stealing from shareholders? You really are a moron. I would call that an efficient company. Costs are fixed. Profit margins are high and they are focused on growth and diversification.
Your BS argument also makes no sense whatsoever because SAND only has $8 million per year in S, G & A for $100 million per year in free cash flow. Please tell me where all this waste and theft is? Also, since you mentioned Rick Rule, SAND is one of Rick's favorite companies to buy and hold shares.
@@WallStForMainSt I am not sure what you are trying to say, with your Canadian Tax argument.
But anyways, would you at least agree that Nolan does not give straight answers when asked straight question?
2021 WAS A TERRIBLE YEAR FOR THE STOCK
Seemingly endless share issuance over the years resulting in a massive share count, and a huge market reliance on this single Turkish project (constantly delayed so far) for a share price uplift. Is this the R&S model???? Investors pay their money and make their choice....
How do the share issuance of Sandstorm compare to other comparable royalty/streamers? Can you share the numbers please?
I think the interviewer could be more respectful. There is something to be said for taking an argumentative approach thi
We are known for asking tough questions. Capable CEOs like it as it gives them a chance to shine and show they are in control. Whereas lifestyle CEOs struggle somewhat. Shareholders should be able to ask any questions they wish as its their money and should care about what the Board is doing to create actual value (share price growth) and not just give platitudes.
@@CRUXInvestor fair enough. This is my first time viewing one of your interviews. Like I said the approach does have merrit. I feel like it was a valuable conversation.
Market treating royalties like miners perhaps evidence of inexperienced players in record number for 2021. Stimmy checks galore. It’ll correct itself.
Agreed
What shameful explanations for poor performance and being at the bottom quartile in the gold royalty sector. Interviewer let Nolan off the hook far too easily. Insiders have been selling shares for over a year, and reducing their skin in the game. I heard nothing but the same tired repertoire. Investors have little hope with Sandstorm.
Maybe you should liquidate your holding then???
The insider selling has to do with Canadian tax laws for executives running publicly traded companies. Nolan Watson's effective tax rate on his stock options is almost 60% but clearly you can read Canadian Insider like a good 5 year old and then call the bad man names for not making you rich quick. The company has $100 million in free cash flow, super low S, G and A per year, high profit margins and a cheap valuation. Also, Hod Maden and the Mara gold stream are not priced in at all.
@@WallStForMainSt This is what happens when uninformed "speculators" enter an area that is both complex and for "investors". Everyone wants instant 30 baggers, and have trouble holding a stock over a long weekend (Rick Rule) Well pointed out by you.